President Trump announced new tariffs set to take effect October 1st, including a 100% tariff on pharmaceutical drugs, 30% on furniture and kitchen cabinets, and 30% on heavy trucks. He stated these measures are for national security and to protect U.S. manufacturers. The pharmaceutical tariff exempts companies building plants in the U.S. Experts warn of potential price increases for consumers and impacts on the housing market. Despite Trump's claims of success, recent data suggests tariffs are now contributing to inflation and job losses in manufacturing.

Prepared by Christopher Adams and reviewed by editorial team.